The 2024 Advice Gap Report by The Lang Cat
As champions of providing impartial advice, we’re proud to be a headline sponsor of ‘The Advice Gap 2024’ report published by The Lang Cat.
The latest report is the 6th study in a series dating back to 2015. Research this year was conducted by YouGov across 2,000 UK consumers and by The Lang Cat panel – made up of 1,400 advice professionals for advisers.
The report has become an established benchmark for UK consumer behaviour and attitudes towards financial advice.
Key findings
- 55% of adviser respondents have already stopped serving clients as a result of Consumer Duty.
- Asked what would need to change for you to pay for advice in future, the main factors were “I would need to be convinced advice would save me money”; “I would need to be sure I could trust the advice” and “I would need to earn more money.”
- Both the advice profession and consumers believe the solution to the advice gap lies with a combination of regulation, government and personal responsibility.
Front cover of the lang cat advice gap report 2024
Read the Advice Gap 2024 report
With the advice gap seemingly getting bigger, it's more important than ever to identify why the gap exists.
As a headline sponsor of the report we're letting you know about about The Lang Cat's great work in compiling their research. They've gathered meaningful insight from over 2,000 UK consumers and 1,400 advice professionals, uncovering trends and highlighting their findings throughout the report.
As we begin to understand the reasons why some consumers don't seek financial advice, we can better understand how to address these concerns and start closing the advice gap.
The Consumer Duty has created a great deal of work for advisers in reviewing their value proposition to clients. Naturally, this has led to some changes in segmentation models, but overall, this should mark a further improvement in the value being delivered, with further tailoring of the services provided and the charges levied, proportionate to each client’s needs.”
Jamie Jenkins, Director of Policy, Royal London.